Episode Transcript
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Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Speaker 3 (01:01):
Thanks for listening.
Speaker 2 (01:02):
Feel free to give us a call at six one
two five zero four eight four zero zero, or visit
us online at Havenfinancialgroup dot com all kinds of retirement tools.
Our list of education events. We just had some this
past week. Kim very well attended Will's Trust and Legacy
Planning as always good to be with you, Kim, Well.
Speaker 4 (01:23):
It's great to be with you as well, and so successful.
Speaker 5 (01:26):
Is that what you're saying?
Speaker 3 (01:28):
Yeah, very much so.
Speaker 2 (01:29):
We were at a local library and we were at
full capacity. In fact, we had a waiting list because
obviously education is important. We're big believers in it, and
this particular class was Will's Trust and Legacy Planning, which
we did with our partners at Provision Law, Carrie, Anna
and Keith Fantastic.
Speaker 4 (01:49):
Well, we just want to remind everybody I know that
you just did. But we've just heard you know. There
was a wait list, so be sure you go on
to Havenfinancialgroup dot com, take a look at some of
those educational seminars coming up this fall and get your
name on that list right now, because they do feel
very quickly.
Speaker 5 (02:06):
Well, I'm looking forward to this week's show.
Speaker 4 (02:08):
We're going to talk a little bit about what makes
you prepared for retirement, and I think people would say
right off the bat, having enough money in the bank,
that's what makes me prepared and Larry, I know that's
a question that you're asked so frequently.
Speaker 5 (02:22):
How much is enough?
Speaker 3 (02:24):
Yeah, and that really varies.
Speaker 2 (02:25):
You know, we've kind of done a disservice in this
industry by putting a number on retirement, like you have
to have a million, you have to have five million
or five hundred or whatever your number is. It's much
more than that, although that's important. But what gives retirement
confidence is, you know, planning for those ups and downs
of the market, mailbox money, income, what's coming in, and
(02:47):
it really takes, or it should take, an elaborate retirement
plan so you can strategize and figure out do I
have enough to retire?
Speaker 3 (02:56):
Am I going to run out at ninety five? Never
seventy five?
Speaker 2 (02:59):
These are really really important things which thankfully we're able
to help a lot of people at Haven Financial Group
map out this plan for them.
Speaker 4 (03:07):
Absolutely. So let's take a look at this show. We'll
map it out for you today. We're going to start
by talking about what does it mean to be ready
to be retired? Then we'll talk about understanding your retirement milestones.
Those are very important, those all important birthdays. Are you
prepared to replace your paycheck, and then finally, loving the
(03:29):
cost is key when it comes to retirement and income.
So let's get started this morning and talking just a
little bit about what it does take for retirement. I
was reading some stats and I know you read them too,
from trans America Center for Retirement Studies that found the
fifty two percent of respondents plan to retire after the
(03:50):
age of sixty five, if they're going to retire at all.
Does that surprise you at all?
Speaker 2 (03:55):
Not really, It's fairly consistent with what we see on
a weekly basis. What I do know is though, that
in twenty twenty to twenty twenty one, thirty three percent
of Americans had to tap into their retirement savings when
their pocketbook got really tight. And that's unfortunate, and that's
that probably set back a lot of folks in their
retirement plans.
Speaker 3 (04:16):
I hope not. But when we're really trying to map.
Speaker 2 (04:18):
This out, you know, we want to clearly define what
are your goals, what are your object objectives. You know,
later in the show, we're going to talk about some
birthdays and timelines that are important.
Speaker 3 (04:28):
And what do you have to deal with small, medium
are large?
Speaker 2 (04:30):
Because right now the listener oh, he's going to he's
only talking to those that have lots of money, and
that is not further from the truth. Whether you have
a little or a lot or anything in between, you
should have some sort of plan.
Speaker 3 (04:42):
Do you have roths, do you have iras.
Speaker 2 (04:44):
Pensions, life insurance, investment accounts, brokerage, you know, what does
all that big picture look like? And then boil that
down from okay, then now what's types of investments? Is
it pre tax, is it wroth iras? All of that
goes into different buckets, and then we can figure out, Okay,
we're running into an income problem at a certain age,
(05:06):
or the money is run out based upon your expenses
at a certain age. This is all part of the conversations,
ongoing conversations, not one conversation throughout the retirement years that
we're going to have with our clients. Because life happens,
things change, health tends to play a role in the
(05:26):
retirement planning process. So all of this These are just
very good, important questions that you should be asking yourself.
Speaker 4 (05:33):
Sure, so if they're listening right now and you don't
have you don't have a portfolio yet, maybe in your
late thirties or forties, you're busy with life and kids
and raising kids, and you just haven't you know, haven't
really thought out that far. What are the first steps
that you need to do. I would think that one
of them would be sort of sitting down with your
(05:54):
spouse and saying, what are our goals?
Speaker 5 (05:55):
When is it that we'd like to retire and step out?
Speaker 2 (05:59):
Yeah, they say that communication thing with the married couple
is kind of important. I tend to find that out
as well. And so communication and you know, do you
plan on working five more years? Are you on the
same page as your spouse or your significant other? What
does that timeline look like? What are your income streams
that you can count on? Are you fortunate to have
(06:19):
a pension, which many Americans now don't, including my wife
and I. So looking at those accounts, and then of
course taxes plays a very important role as you decide
on when you decide to take distributions. What accounts do
you draw from in the most tax efficient way possible.
You worked hard for all those dollars. Now your money
(06:40):
needs to work for you, just like you worked hard
throughout those working years. So again, a comprehensive retirement conversation
and an ongoing one has already mentioned because again things change,
Inflation hits. Who knows. Kids maybe come back home and
now they're on payroll again, who knows. So these are
(07:01):
the things we want to hear from the folks that
we sit down with.
Speaker 4 (07:04):
Sure, you've talked about some of these saving vehicles and
these retirement vehicles, and you've named a few of them roths, pensions, annuities.
Maybe take just a couple of those, Forest Larry, and
give us some pros and cons for some of those.
I realize everybody's situation is unique, but they are unique
in themselves, these different vehicles.
Speaker 2 (07:25):
Yeah, there's no perfect investment, you know, we really concentrate
on how much risk do you have relative to your
comfort level? You know a lot of investments have terms
to them. Can you access the money? If so, what
percent can you access or is it off? Is it
limited access or no access? Sometimes annuities can have limitations,
(07:47):
CDs have terms. Does that work into your overall big picture?
What is the liquidity features?
Speaker 3 (07:54):
You know?
Speaker 2 (07:54):
Sometimes I see folks that have a lot of their
moneys in alternative assets like reds, real estate investment trusts
that are fairly ill liquid assets. I remember in two
thousand and eight when the market corrected big time, and
many listeners do when your four oh one k turned
into a two oh one K, and retirees that had
ill liquid assets which they could not even access and
(08:18):
they needed the money. So there's Look, we want people
to look at all the options, not just some of
the options, because some are valid for some and not
valid for others. And I hate to see, and we
hate to see as a team folks that are put
into something that really doesn't fit their long term plan.
And unfortunately, Kim, I see it way more than I
(08:38):
like to see it.
Speaker 4 (08:39):
I'm sure you probably do. What we're talking about here
is retirement readiness and preparing. Larry, You've said this so
many times, and I think it's really important to stress
this again. What was great for your mom and dad,
or what's great for your brother and your sister in
law is not necessarily great for you. It's important to
(08:59):
sit down with a partner, like the folks that have
in financial group, to see what really fits with your goals,
with your savings, with your you know ideals.
Speaker 2 (09:09):
It is it is, and I know lots of people
are not getting the attention that they deserve. And you know,
the retirement conversation is a very different conversation than when
you were in your twenties, thirties, and forties and maybe
even fifty, when you're in those earnings years, putting it
in the four to one k or whatever you did
to save retirement. And I've heard this many clients say this,
(09:31):
our guy or gal who helps us throughout these accumulation
years did a good job, but we're not so confident
that they can help us through the retirement years. It's
a different season of life and it requires some different
conversations than you may have ever had. And you know,
we also, look, we didn't mention debt. You know what's
the debtload, what interest rates are on that debt? Does
(09:53):
it make sense to pay that mortgage off? And I
just know the happiest people in retirement don't have a mortgage.
And a lot of ancial advisors out there, oh, don't
pay off your mortgage, just invest it and you'll make
so much. And you just have to be careful with
the different types of advice that you hear because it
might not be relative to your situation. It may be
(10:13):
just generalizations or general speaking, is what they're referring to.
Speaker 5 (10:17):
Absolutely.
Speaker 4 (10:18):
Everyone's retirement is different, and that's why if you can
find a partner, someone who can sit down with you,
look at your situation, talk you through it. And that's
not necessarily as I was saying, your brother in law,
what was good for them isn't necessarily good for you.
I want to suggest that you give the folks that
Haven Financial Group a call. They are out there waiting
(10:39):
to be your partner. Six one two five zero four
eight four zero zero is their number. You call, tell
them you hurt us here on the radio. You'd like
to set up a free consultation to go in and
talk to the a bit about your goals for retirement
and your readiness. Six one two five zero four eight
fours zero zero is their number. And again be sure
(11:00):
you tell them that you heard Larry on the radio.
When we come back, we're going to talk about understanding
those retirement milestones.
Speaker 5 (11:08):
These are very important and.
Speaker 4 (11:09):
Again sometimes you need a partner to point them out.
So we'll talk about them right here on the Haven
Financial Group Radio Show.
Speaker 1 (11:15):
Don't go too far. We're gathering more important insights and
retirement pays Devinent the Haven Financial Group Radio Show. We'll
be right back stick around, you've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(11:36):
the show.
Speaker 3 (11:37):
Welcome back listeners.
Speaker 2 (11:38):
My name is Larry Colvig, founder and CEO of the
Haven Financial Group, And if you're just tuning in, you're
listening to the Haven Financial Group Radio Show, where every
week we discuss crucial retirement and financial topics that can
make the difference between surviving retirement and thriving through those
golden ears. Feel free to give us a call as well.
(12:00):
One two five four eighty four hundred are always visit
us online at Hanfinancialgroup dot com. Shoot us an email,
ask us some questions. Our job description really is to
answer retirement questions, and we're on there to do it,
and we do it every single week.
Speaker 4 (12:15):
Well, let's talk a little bit about some of these
milestones when it comes to retirement. I think we all
get to a certain age and you start going, I
really don't want to think about my birthday anymore.
Speaker 5 (12:24):
I'm not having any more. I'm all finished. That's it.
Speaker 4 (12:27):
But these birthdays can be very important.
Speaker 3 (12:29):
Yeah, birthdays and retirement.
Speaker 2 (12:31):
Maybe a little bit different birthdays than you think of,
but they are crucial deadlines, ones that you want to
be aware of. And of course, if you have a
partner like us or somebody, we're going to make sure
you don't miss these timelines, critical timelines that may that
you might benefit from. And again I guess the good
place to start is it's never too early to start saving.
(12:53):
It may seem difficult, but out of sight, out of mind,
you know, never too early. Get that compound in returns.
Get it started early. And if you have kids, you
can't preach it to them enough because they will be
much happier in that advice if they adhere to that advice.
So that's the number first one is start early. And
then you get to some time thresholds like age fifty
(13:14):
where hopefully those maybe the kids are out of the nest,
and now you have ketchup contributions that you can put
extra money into retirement savings four O one k's IRA contributions.
And then there's good reason for that as far as
saving number one obviously, and then some maybe some tax
reasons why it would make sense to reduce your taxable income.
(13:35):
So after age fifty catch up contributions. There's there's some
changes in twenty twenty five depending upon your age, where
they increase that significantly.
Speaker 3 (13:46):
That might be a good opportunity.
Speaker 2 (13:48):
You know, we don't normally want to touch any IRA
or four one K money early, but at age fifty five,
if you leave a job, you can have penalty four
one K or distributions or withdrawals. We don't see it
very often, but that's the age fifty five threshold. However,
remember this is retirement planning, retirement moneies. We don't want
(14:12):
to start tapping this money too early, right.
Speaker 4 (14:15):
Sure, absolutely, fifty nine and a half, that's an important one.
Speaker 2 (14:19):
It is, it is, And this one we deal with
a lot because the federal government says at age fifty
nine and a half you don't have to, but you
can do rollovers of four to one k's or other
four or three b's or employer sponsored plans. There's a
whole bunch of different names TSP, deferred comp et cetera.
And you can do rollovers. Just this week, I had
(14:40):
a couple from lak fille In. They're IT consultants. They
came out to an educational class and they've popped around
as it consultants, so they had multiple orphan four to
one k's all over the place. And the solution there
was consolidation, simplification. You don't have to have them all
over the place. You can still maintain diversification. So we
(15:03):
rolled all hers into an IRA as well as his,
and now it's all cleaned up and it can be
managed comprehensively and collaboratively as a whole rather than piecemeal.
So for one K rollovers, even if you're still working.
I had a three M R here that not long
ago they're going to retire in the next nine months.
(15:25):
Worked at three M for years and she rolled ninety
percent of her four oh one K into other types
of investment iras, and she'll roll the rest when you retire,
because most often when you retire, you're going to roll
that into a traditional IRA because there's different rules and
regulations that pertain to four ones compared to iras, and
you need to know those. So again, more of the
(15:48):
education at Haven that we continue to do for the
folks that we visit with.
Speaker 4 (15:53):
At age sixty two, you can start to collect social security,
but that's not always the best move you can make.
Speaker 2 (15:59):
That is you know, we teach a lot of social
Security and tax classes, and all of our classes, whether
community education at the colleges or wherever, you know, we
provide all the materials. We put together the workbook and
the textbooks, and we teach them for good reason to
make an educated decision on when should you take Social Security?
(16:20):
Almost seventy percent of Americans turn it on right away
at sixty two. That might be a stager. Then they
surprise the listeners and at age seventy is the latest
you're going to take it? And only one to two
percent of Americans wait till the age of seventy. Now, ideally,
when should you take it? That's what we're going to
walk through if we sit down with you. Actually, everybody
that comes in will leave with a Social Security roadmap,
(16:42):
a report, kind of a good, better best on what
makes sense, because sixty two is going to be the earliest,
seventy is going to be the latest. Your full retirement
age where you can get one hundred percent of what
you paid in is dependent on your birthday, and for
many it's going to be sixty six, sixty six, two
months for six months, or in my case, age sixty
(17:03):
seven again to be determined, is they might make some
changes to that. It's a lot of talk, but again
age seventy is going to be the latest. And another
one where we run into a lot is required minimum distributions,
all that pre tax money that you were told to
put away. He eventually Uncle Sam says, our patience has
(17:24):
run out. Now you have to start drawing the money,
whether you want it or not, and yes, you will
take it. Otherwise you'll get a penalty from the federal government,
and none of us want penalties. For many years, that
age was seventy and a half. A couple years ago,
it went from seventy and a half to seventy two.
It's presently at age seventy three, and in seventy years,
(17:47):
if they don't make more changes, it will go to
the age seventy five. So why is that important? Because
we hear this, we make more money now than we
did when we were working, which then comes full circle
into the tax discussion, which is why if roth conversions
or if tax planning can be done before our MD age,
(18:08):
we might be able to minimize some of those tax effects.
So again, forward thinking tax planning is so extremely important.
You worked hard for every one of those dollars, and
most people just don't want to give it back to
Uncle Sam just for the sake of giving it back.
Speaker 5 (18:25):
Absolutely not the uncle.
Speaker 4 (18:27):
You don't want to pay that is for certain increase
life expectancy. How might that impact some of these dates
in these.
Speaker 2 (18:34):
Numbers, Well, we want to plan for the long run
when we build out retirement plans. We're putting them out
twenty thirty into your mid nineties, kind of planned for
the absolute worst and hope for them and pray for
the absolute best. One age that I didn't mention that
is very important is age sixty five. Medicare comes into
the conversation. You're going to get your mailbox is going
(18:56):
to get bombarded, and you can go to coffee and
cookies every single day of the week. It'll be just
so much fun. Probably not, or you could sit now
with somebody that has a non biased approach with us
Glenn and Isabella at our office, we're able to help
many many folks in Medicare, healthcare, any of those types
(19:17):
of things. Annual enrollment is going to be coming up soon.
Complacency for humans is very easy to do, and my
encouragement would be to anybody around this age. Get educated,
start early and every year an annual enrollment. Shop it
out to make sure you're in the best spot for
the best price. And again that's October fifteenth through December seventh.
(19:40):
Some other key dates October fifteenth to December seventh, Medicare
healthcare and again don't forget about long term care. Again,
we have access to all the companies. So again education
is where it starts.
Speaker 4 (19:54):
You know, this really is important too. It's important each
year to shop it because you think you've got a
great deal, but then you find out if you go
out there and take a little time that maybe there's
a better deal for you. And it also depends on states,
does it not states?
Speaker 2 (20:10):
Some can be zip code specific, so that for sure
is not one glove fits all. And if you're listening going,
oh my goodness, all these dates and these birthdays, retirement
sounds so confusing, it can be. But if you have
a partner that can take you through a continued process
and monitor, make adjustments, point things out, continued education, it
(20:31):
doesn't have to be complicated. We like to simplify things.
And we've had haven our ten year anniversary, which you
know we've been able to help a lot of people
in all of these various areas put all the puzzle
pieces together so we don't get to the end of
the road and we forget some of the pieces.
Speaker 4 (20:49):
Right, absolutely, So we'd like to invite you to sit
down with the folks at Haven and talk about your retirement.
Are you ready talk about some of these milestones, put
together a great portfolio so that you can enjoy those
golden years. Six one two, five zero four eight four
zero zero. That's the number where you reach the folks
at Haven Financial Group. You can also go to Havenfinancialgroup
(21:12):
dot com take a look at their website. You can
send them an email through there. You can also see
some of those educational seminars that we talked about off
the top of the show this morning. The dates that
are coming up. Maybe you can find one that's most
interesting to you and a location that's good for you.
Be sure that you sign up. You don't have to
be a client to go, but we do need you
(21:33):
to sign up because they do fill very quickly. All right,
we're talking about are you prepared for retirement? We just
talked about understanding some of those retirement milestones. When we
come back, we're going to talk about being prepared to
replace your paycheck. You've worked a long time. Maybe you
receive a paycheck weekly.
Speaker 5 (21:52):
Bi weekly, once a month.
Speaker 4 (21:54):
Now, how do you replace that when you walk away
from your job. That's coming up right here on the
Haven Financial Group Radio.
Speaker 1 (22:01):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larrikolvig is back and ready to help
you find your financial safe haven.
Speaker 2 (22:23):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (22:26):
Thanks for listening.
Speaker 2 (22:28):
Feel free to give us a call at six one
two five zero four eighty four hundred or Havenfinancialgroup dot com.
All kinds of retirement tools, educational events, announcements if you will,
ten year anniversary, and of course we got a great
client appreciation event coming up September fourth at Charlie's on
Prior Lake Kim. You know, these topics can get a
(22:49):
little stuffy, so our clients and us we like to
have a little bit of fun as well, and we'll
be at Charlie's on prior September fourth, and our events
are all fun.
Speaker 5 (22:59):
Good.
Speaker 4 (23:00):
That's fantastic. That's something for everybody to look forward to.
So and if you need more information, how do people
get information about that? Maybe you've got clients who are
listening right now. They just need to call the office
or check the website.
Speaker 2 (23:12):
Right, yep, online, give us a call RSVP please and again,
live music all kinds of fun.
Speaker 3 (23:20):
So again, yep, that's great.
Speaker 4 (23:23):
We're talking about retirement preparedness. Are you ready to retire?
We've talked about a number of things that you need
to keep in mind, but we wanted specifically to talk
about what I think is the most important part of
retirement planning, and that's, of course, understanding how you get
a paycheck, how you get money. Obviously, you know that
(23:45):
your Social Security check is maybe going to be deposited
if in fact you're drawing social Security. But how do
you draw from all of these different pots that you've
put your money into, and are there specific you know
it's kinds of plans that make it more advantageous for you.
(24:05):
And the answer to that is certainly yes. So let's
talk about this. You call it mailbox money, Alarry, I
know that money that shows up you know, two times
a month, once a month, whatever it might be.
Speaker 2 (24:19):
Income in retirement is the name of the game, There's
no doubt about it. So what are your income sources?
You mentioned social Security at some stage, pension, if you're
fortunate enough, what are your other income sources? And income
for the things that you want, you know, the things
that you really want and things more specifically that you need.
(24:40):
Cover the needs. Then cover the wants. You know, we
all need food, shelter, and certain things, but we also
maybe want a lifestyle, you know, either the country club
or fishing equipment or whatever that is. So income is
the name of the game. Does it adjusted for inflation?
Is it exposed to too much risk? Have you covered
emergency expenses? You know that I frequently say that we
(25:03):
like folks to have good a good amount of liquidity,
money in the bank, easy access for middle sixties seventy
year couple. You know, we like to see fifty to
one hundred grand in that in that area. Now you
don't have to, but it's I think a good goal.
And then what's your risk in the stock market? Is
that a good balance with investments? Maybe that you have
(25:24):
some principal preservations. So I'm going to map this out
when when folks retire, and we do, we see it
all the time, where are they going to draw from?
Speaker 3 (25:33):
They don't know what really drives.
Speaker 2 (25:35):
It is taxes. Back to taxes. You know you mentioned
a bunch of different buckets, Well, hopefully you have all
the different buckets to choose from again, from liquidity to
stock market. Maybe you have annuities. Annuities can be very
good at generating income, kind of as self directed if
it's appropriate. My wife and I will never have a pension,
(25:59):
but we're able to to generate income from an annuity
or other income sources or other investment sources. But again
it takes strategizing and figuring that out. But everything is
driven by taxes. So we're big in the tax planning.
And I can tell you most people today are not
doing much planning. They're just barely getting their taxes prepared
(26:20):
by a tax preparer or CPA that doesn't even spend
any time with them to walk through as some of
these things. So every week we see unforced errors or
missed opportunities where an irate a roth conversion could have
happened didn't happen. Nobody told them that people draw from
the wrong investments, they pay way more taxes than they
(26:41):
really need to. So again, having a partner to rely on,
that's the key in the name to the game. So
you're doing things correct.
Speaker 5 (26:49):
Absolutely. Yeah.
Speaker 4 (26:51):
I have learned just by doing this show with you, Larry,
that there really is some strategy in when and how
much you draw from all of your different I'm gonna
call it buckets again.
Speaker 3 (27:03):
Yeah it is.
Speaker 2 (27:03):
And you know, we get the investment team involved, we'd
get Lance R. CPA involved. You know, we're we're cording
all these different things in retirement because they should work
together and oftentimes they're working in different directions. I mentioned
annuity for income if appropriate. If you're listening and you
don't you have an annuity and you don't know which
kind of annuity of the four types that are out there,
(27:25):
come on in and get an annuity exam or or
an annuity x ray. I think people should know which
one they have. And a lot of people have them.
Some people have them, they shouldn't have them. Others have
have them and they don't know how it's going to work.
And we want we don't want negative surprises. We want
to know the ins and outs certainly before we do anything.
(27:46):
And you know, life insurance can have value to that.
There's some features that life insurance can have if you
have life insurance, you know, bringing on in a lot
of times it just sits on the sis, sits and
never gets looked at, and some things negatively can happen
to the performance of that. So bring that in and
we can have a life insurance review with Glenn. All
(28:07):
of these things just to make sure that they're going
to do what they're supposed to do and there's not
going to be negative surprises. And again, we believe retirement
is more than a meeting once or twice a year
for forty five minutes to an hour. That's just not
enough time. And whoever is working with you deserves to
give you more time because remember you're paying them to
(28:28):
do something right.
Speaker 5 (28:30):
Absolutely.
Speaker 4 (28:32):
Also, in this second phase or third phase of your life,
which whatever it might be, what if you decide that
you want to go back to work or you you
know there's another opportunity out there for you and you
really don't want to pass it up.
Speaker 3 (28:47):
That's always an option.
Speaker 2 (28:49):
You know, many people adjust to the transition of retirement
and they're happy as can be.
Speaker 3 (28:54):
But not everybody does.
Speaker 2 (28:56):
I just had a flight attendant that actually retired after
any many many years, and I asked how it was going,
and she says, I don't like this retirement thing, and
she's actually going to go back part time to work.
That doesn't mean you can't, but i'd rather see people
do that because they want to, rather than they need
to because they're.
Speaker 3 (29:16):
Running out of money.
Speaker 2 (29:17):
That's unfortunate, but working is an option, so don't rule
that out because you got to have a purpose. I
just had one of my clients in this past week
and she was a retired teacher from Lakeville, and she
told me she's actually going to work at this bakery
in Lakeville that's doing exceptionally well and they got a
(29:39):
lot of high schoolers that will go back to school.
And she goes, I got to have some sort of purpose.
And I really like it. And she's super excited about it,
and she goes, I'm not doing it for the money.
I'm doing it to have some sort of purpose. And
I thought that was really cool.
Speaker 5 (29:52):
Yeah, it is really cool.
Speaker 4 (29:54):
And I think that idea of keeping oneself busy after
you've had a very busy life is probably very important.
Speaker 5 (30:02):
Does that have any kind of impact.
Speaker 4 (30:05):
On what you're drawing and how you're drawing if you
would decide to go back to work. And again I
think that what I'm my point where I'm trying to
go with this is again, you do need a plan
and you need to be able to talk about these
things with someone before you just start to, you know,
make money.
Speaker 3 (30:21):
Again, very true.
Speaker 2 (30:23):
Depending upon your age, there might be some income plateaus
that you may not want to go over for the
sake of your social security. So you're going to want
to have those conversations, you know, prior to full retirement age.
You know, the threshold is just right around twenty three
thousand where if you make over that they'll withhold some
of your social security. So you're going to want to
(30:43):
have these conversations, Like you said, before you act on them.
Doesn't mean you're not going to do them. But there
are many components and options for your retirement and for
your income. And if you're listening and you haven't fully
explored all these options and are just sticking with what
you've always done because you don't know anything different, how
do you know you're making the most out of what
(31:05):
you're doing out of your savings, how do you know
you're making the right decisions? And if that sounds like you,
give us a call, love to sit down with you
and explore those options. You have nothing to lose and
it costs you nothing, and it only you may only
have something to gain from it.
Speaker 3 (31:23):
And what's better than that?
Speaker 4 (31:25):
Absolutely right, it costs you nothing, but a mistake along
the way could cost you a lot.
Speaker 5 (31:32):
And we're all going to make mistakes.
Speaker 4 (31:33):
But if we can avoid some of these really big
ones drawing money at the wrong time from the wrong accounts,
that ultimately means you send much more to Uncle Sam
than you probably needed to, or you know, not checking
on your life insurance to see if in fact everything
is up to date and maybe that there's some advantages
(31:54):
to changing the life insurance policy. There's all kinds of
mistakes that can happen along the way, not because it's
just because you don't do this very often, and you
know a partner in that can certainly help you save
money along the way. Six one, two five zero four
for zero zero that's the number you can reach. The
folks that Haven financial group, they would love to hear
(32:17):
from you. We're talking about retirement preparedness. Are you prepared
to retire? It's a question I think a lot of
people ask themselves many times, probably before they actually take
the steps. And before you take those steps, we hope
that you call the folks at Haven Financial Group make
sure that you're in the right place. When we come
(32:37):
up back, we're going to talk about leveling costs.
Speaker 5 (32:40):
It's key when.
Speaker 4 (32:41):
We're talking about retirement income. This is the Haven Financial
Group Radio Show.
Speaker 1 (32:46):
Don't go too far. We're gathering more important insights and
retirement ways the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karagan. Now back to
the show.
Speaker 2 (33:07):
Welcome back to the Haven Financial Group Radio Show. I'm
Larry Kolvig, Founder and CEO of the Haven Financial Group.
Speaker 3 (33:13):
Again, thanks for listening.
Speaker 2 (33:15):
Every week we talk about retirement, all these exciting topics,
so maybe not that exciting, but we want to have
as much fun with them as possible. Yet we know
they're serious, and you know the old saying, a failure
to plan as a plan to fail. None of us
want to. But if you're listening, in kind of a
segue from the last segment, if you're listening and kind
(33:37):
of stuck in your ways, and if my wife would
beyond with me right now, she goes, I get stuck
in my ways and I don't like change very well.
Speaker 3 (33:43):
Okay, yeah, that's probably true.
Speaker 2 (33:45):
But if you're stuck in your ways and you're doing
exactly the same thing you've always been doing, one thing
that has changed is we've all gotten that much older.
And if you're doing the same types of investments and
the same type of thing and you're not how close
to retirement, are you sure those are the right decisions?
So feel free to give us a call six' one
(34:06):
two five oh four eighty four Hundred orhanfinancialgroup dot.
Speaker 3 (34:10):
Com, So, larry.
Speaker 4 (34:12):
In this, segment we're going to talk about how important
it is to sort of accurately predict what you're going
to need in retirement and in order to do. So,
AGAIN i really feel strongly about the idea that you
have to sit down with a partner because you've never retired.
Before AND i think there's a lot of things that
maybe some of us don't think about throughout many people's,
(34:34):
lives their working, lives their healthcare has come through their
employer in some kind of plan that maybe was not
as expensive as it might be if you are self
employed or when you get into retirement and you need
to take care of your healthcare. Costs it feels like
to me that's one of the places where people, underestimate
(34:57):
and that is someplace that can really ca chop with.
Speaker 2 (35:00):
You you are, correct healthcare costs are very underestimated when we
build up. Plans you, know people aren't looking at one
thousand to twelve hundred dollars a month or something of that.
Speaker 3 (35:13):
Nature and again it's not exactly, that but it's a big.
Speaker 2 (35:15):
Number so when we build out retirement, plans we're going
to factor that into the equation for, sure and that's
just something you need to look. At but people they
kind of just kind of stop right there and they
don't think about long term. Care and if anybody's listening
and they're dealing with a loved one my mom or,
dad a grandpa or grandma that's in a nursing, home you,
(35:36):
know the nursing home can decimate anything you've earned over
your lifetime very very. Quickly at ten to fifteen thousand
dollars a. Month so if you haven't looked at, that
there's much more viable options out there than there used to.
Be come in and visit With glenn on asset based
long term, care hybrid long term care annuities that can
(35:59):
be used for long term.
Speaker 3 (36:00):
Care that is certainly.
Speaker 2 (36:02):
One and when you mentioned, it the major component to
retirement is what are my expenses going to?
Speaker 3 (36:08):
Be what are some.
Speaker 2 (36:09):
STRATEGIES a. Budget none of us like to do a,
budget but we want to make sure that you know
we're not spending unnecessarily on certain things and we might
not even notice, it but if you put pen to, paper,
well maybe going To caribou Or starbucks ten times a,
week maybe that could be reduced to. Five not because
we're trying to cut, back but we want to see
(36:32):
we're we're spending the. Money, so again a, budget when
we factor our retirement, plans we're going to have that
adjusted for, inflation because inflation it's a game, changer and
we know that in recent years the purchasing power of
the dollar isn't as. Strong we factor that into the.
Equation so we want to look at all these costs
(36:53):
that potentially can be associated with retirement and guess what
these things can. Change life doesn't always cooper rate with our,
calendar does.
Speaker 5 (37:01):
It, no it.
Speaker 2 (37:03):
Doesn't so there's going to have to be some modifications
and changes to this, strategy, uh certainly over, time because
we don't know what the future necessarily has in store for.
Speaker 4 (37:13):
Us, Absolutely so it's so important that when putting together
any kind of, plan you keep in mind that life,
happens and that means there's going to be emergencies along the.
Way there's going to be you, KNOW i think you've
said it many, times all of a sudden the roof is,
leaking or the refrigerator goes.
Speaker 5 (37:30):
Out there are going to be you, know there's going to.
Speaker 4 (37:33):
Be family, crisis there's somebody in the family who maybe
needs your, help or you, know the list goes on and.
On these are the kinds of, things no, doubt you
guys help, people you, know plan for if you can
plan for, it you.
Speaker 2 (37:46):
Can and that's why the bucket strategy good. Liquidity you
want to have all options on the table so when
these on these, surprises whether good or, bad surprises, happen
that you're prepared for the for this to the best
of your. Ability if you don't have anything liquid to
access and all of a sudden you're forced to find the,
money you might have to be taking it out of
(38:07):
the wrong accounts at the wrong, time and then throw
in maybe the stock markets. Down if you're in the,
market you don't give yourself the, options and in retirement
you want the. Options and Remember medicare doesn't cover all
health care, expenses so there's going to be some. Gaps
so it's why annual enrollment is a supplement plan better
(38:27):
than the advantage. Plan that's not my, wheelhouse But glenn
And isabella in the, office it is their. Wheelhouse so
you don't have to go it. Alone you don't pay
anymore to have a non biased.
Speaker 3 (38:40):
Broker work for.
Speaker 2 (38:41):
You SO i certainly would encourage that because a lot
of people are spending way more on healthcare than they
need to. Be but if you don't shop it out every,
year you're not even going to be aware of. It
so awareness and understanding is very very critical as you're
trying to identify the costs price costs we're going to
factor we actually when we build out a plan on
(39:05):
a monthly basis or even an annual we'll have anything else,
bucket and we're going to put it in again and
anything else part as part of the overall, strategy just
because there's always something that comes, up maybe it's a
different car or whatever it might.
Speaker 3 (39:21):
Be so, again it starts with the.
Speaker 2 (39:23):
Conversation but if you're not having the, conversations how are
you going to even?
Speaker 4 (39:28):
Know you, Know, larry we just talked about, emergencies and
we certainly can't predict. Those but another thing that we
talk about pretty frequently here on the, show and certainly
people who have been in retirement now or have been
preparing for, retirement understand this. Inflation inflation is going to,
happen and your plan has to include some kind of
(39:50):
modification for.
Speaker 5 (39:51):
Inflation it has.
Speaker 2 (39:52):
To And i've seen over the years some financial advisors
that don't factor in, inflation which to me makes zero.
Sense we're gonna we have factored in adjusted for inflation for.
Sure one other THING i want to mention too is
when we're talking, healthcare if you're able to contribute to
AN hsa health savings, account please make sure you're doing.
(40:14):
That max that thing, out and years down the road
you're going to be very happy that you. Do we like,
roths but we're big advocates OF. Hsa he's probably even
more Than roths because it's tax free going, in tax
free going. Out it can be used for future medical,
expenses Your medicare. Premiums, again max out THAT hsa just like,
(40:36):
THAT i would like to see you max out any
contributions to anything that has tax tax. Benefits so, again
have a, plan you, know do you have all the
puzzle pieces from the estate planning WHICH i, Mentioned we're
well attended this past, Week my, goodness we had a
waiting list at both the, Nights so a state planning
(40:57):
long term, Care medicare invests. Mins do you have too
much risk in your? Portfolio do you even know a
lot of people don't even? Know are you paying too?
Much do you have a partner that's actually? Listening and
again we hear it so, Often, well you guys actually pay,
attention you actually take, notes and you actually are listening
(41:18):
THAT i just had a guy in this past week.
GOES i think WHEN i talked to my financial, GUY
i don't think he's even listening because he doesn't do
anything THAT i ask him to do, anyways which to
me is. Unfortunate and you don't have to deal with.
That there's many options that are out, there AND i
would hope have In Financial group you would entertain. It
we have all the retiring puzzle pieces under the same
(41:41):
ROOF i mentioned. That we just added on we have
an educational. Center NOW i MENTIONED i think last week
that we're doing a fraud prevention the police local police
department will be in here in the middle Of. September
you can never have too much, education and that's where
our passion lies.
Speaker 4 (42:00):
Absolutely and we also want to remind everyone that they
can find out more about those educational. Seminars all they
have to do is go To havenfinancialgroup dot com check
out what's coming up this. Fall i'm, Sure, larry the
calendar is starting to get full as we look. Ahead
now people get back from vacation and it's time to
(42:21):
maybe get a little more serious in their. Lives so
again the number six one two five zero four eight
four zero zero go To havenfinancialgroup dot com to look
up some of those educational. Seminars you, know maybe you're
somebody who you have not shopped around when it comes
to your medical, expenses and now you've just heard these
Dates october fifteenth Through december the.
Speaker 5 (42:43):
Seventh that's open.
Speaker 4 (42:45):
Enrollment and maybe you don't know anything about open enrollment
and you'd like to learn more about open. Enrollment you
can give the folks At Haven Financial group a. Call
and one other, Thing, larry one of the things you
always say is that not only should your, partner if
there are, partner be listening to, you but they should
reveal what the cost is to you as.
Speaker 5 (43:04):
Well and you guys take care of that there A
haven as.
Speaker 2 (43:06):
Well there is never going to be a surprise surprise.
Invoice the transparency should be expected in today's. Industry i'm
always appalled that WHEN i ask whether you're paying your
guy or gal to manage your investments eighty percent of
the time, Almost, larry that's a really good.
Speaker 3 (43:24):
Question we have no.
Speaker 2 (43:25):
Idea nothing's, free and what value are you? Getting ask
yourself that what value are you? Getting, again we'd love
to have you come. In there's no. Cost and WHAT
i also like is we have a very laid back.
Approach here we hear it. Frequently, wow there was no
sales pitch with you. Guys it was here's the, information
(43:46):
here's the, education here's our, suggestions here's our. Recommendations it's
up to you if you want to implement them or.
Not and if, so and you think we're a good
partner to implement this, stuff we'll execute with. You we
work for you, again and you pay, us but you're
going to know exactly what you're.
Speaker 5 (44:07):
Paying it's been a great, Show, larry really.
Speaker 2 (44:10):
Informative thanks so, Much, kim look forward to next, Week
have a great.
Speaker 6 (44:14):
Week investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed
(44:34):
herein and comments regarding it safe and. Secure investments and
guaranteed income streams only refer to fixed insurance. Products they
do not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing.
Speaker 1 (44:49):
Company
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Speaker 3 (01:01):
Thanks for listening.
Speaker 2 (01:02):
Feel free to give us a call at six one
two five zero four eight four zero zero, or visit
us online at Havenfinancialgroup dot com all kinds of retirement tools.
Our list of education events. We just had some this
past week. Kim very well attended Will's Trust and Legacy
Planning as always good to be with you, Kim, Well.
Speaker 4 (01:23):
It's great to be with you as well, and so successful.
Speaker 5 (01:26):
Is that what you're saying?
Speaker 3 (01:28):
Yeah, very much so.
Speaker 2 (01:29):
We were at a local library and we were at
full capacity. In fact, we had a waiting list because
obviously education is important. We're big believers in it, and
this particular class was Will's Trust and Legacy Planning, which
we did with our partners at Provision Law, Carrie, Anna
and Keith Fantastic.
Speaker 4 (01:49):
Well, we just want to remind everybody I know that
you just did. But we've just heard you know. There
was a wait list, so be sure you go on
to Havenfinancialgroup dot com, take a look at some of
those educational seminars coming up this fall and get your
name on that list right now, because they do feel
very quickly.
Speaker 5 (02:06):
Well, I'm looking forward to this week's show.
Speaker 4 (02:08):
We're going to talk a little bit about what makes
you prepared for retirement, and I think people would say
right off the bat, having enough money in the bank,
that's what makes me prepared and Larry, I know that's
a question that you're asked so frequently.
Speaker 5 (02:22):
How much is enough?
Speaker 3 (02:24):
Yeah, and that really varies.
Speaker 2 (02:25):
You know, we've kind of done a disservice in this
industry by putting a number on retirement, like you have
to have a million, you have to have five million
or five hundred or whatever your number is. It's much
more than that, although that's important. But what gives retirement
confidence is, you know, planning for those ups and downs
of the market, mailbox money, income, what's coming in, and
(02:47):
it really takes, or it should take, an elaborate retirement
plan so you can strategize and figure out do I
have enough to retire?
Speaker 3 (02:56):
Am I going to run out at ninety five? Never
seventy five?
Speaker 2 (02:59):
These are really really important things which thankfully we're able
to help a lot of people at Haven Financial Group
map out this plan for them.
Speaker 4 (03:07):
Absolutely. So let's take a look at this show. We'll
map it out for you today. We're going to start
by talking about what does it mean to be ready
to be retired? Then we'll talk about understanding your retirement milestones.
Those are very important, those all important birthdays. Are you
prepared to replace your paycheck, and then finally, loving the
(03:29):
cost is key when it comes to retirement and income.
So let's get started this morning and talking just a
little bit about what it does take for retirement. I
was reading some stats and I know you read them too,
from trans America Center for Retirement Studies that found the
fifty two percent of respondents plan to retire after the
(03:50):
age of sixty five, if they're going to retire at all.
Does that surprise you at all?
Speaker 2 (03:55):
Not really, It's fairly consistent with what we see on
a weekly basis. What I do know is though, that
in twenty twenty to twenty twenty one, thirty three percent
of Americans had to tap into their retirement savings when
their pocketbook got really tight. And that's unfortunate, and that's
that probably set back a lot of folks in their
retirement plans.
Speaker 3 (04:16):
I hope not. But when we're really trying to map.
Speaker 2 (04:18):
This out, you know, we want to clearly define what
are your goals, what are your object objectives. You know,
later in the show, we're going to talk about some
birthdays and timelines that are important.
Speaker 3 (04:28):
And what do you have to deal with small, medium
are large?
Speaker 2 (04:30):
Because right now the listener oh, he's going to he's
only talking to those that have lots of money, and
that is not further from the truth. Whether you have
a little or a lot or anything in between, you
should have some sort of plan.
Speaker 3 (04:42):
Do you have roths, do you have iras.
Speaker 2 (04:44):
Pensions, life insurance, investment accounts, brokerage, you know, what does
all that big picture look like? And then boil that
down from okay, then now what's types of investments? Is
it pre tax, is it wroth iras? All of that
goes into different buckets, and then we can figure out, Okay,
we're running into an income problem at a certain age,
(05:06):
or the money is run out based upon your expenses
at a certain age. This is all part of the conversations,
ongoing conversations, not one conversation throughout the retirement years that
we're going to have with our clients. Because life happens,
things change, health tends to play a role in the
(05:26):
retirement planning process. So all of this These are just
very good, important questions that you should be asking yourself.
Speaker 4 (05:33):
Sure, so if they're listening right now and you don't
have you don't have a portfolio yet, maybe in your
late thirties or forties, you're busy with life and kids
and raising kids, and you just haven't you know, haven't
really thought out that far. What are the first steps
that you need to do. I would think that one
of them would be sort of sitting down with your
(05:54):
spouse and saying, what are our goals?
Speaker 5 (05:55):
When is it that we'd like to retire and step out?
Speaker 2 (05:59):
Yeah, they say that communication thing with the married couple
is kind of important. I tend to find that out
as well. And so communication and you know, do you
plan on working five more years? Are you on the
same page as your spouse or your significant other? What
does that timeline look like? What are your income streams
that you can count on? Are you fortunate to have
(06:19):
a pension, which many Americans now don't, including my wife
and I. So looking at those accounts, and then of
course taxes plays a very important role as you decide
on when you decide to take distributions. What accounts do
you draw from in the most tax efficient way possible.
You worked hard for all those dollars. Now your money
(06:40):
needs to work for you, just like you worked hard
throughout those working years. So again, a comprehensive retirement conversation
and an ongoing one has already mentioned because again things change,
Inflation hits. Who knows. Kids maybe come back home and
now they're on payroll again, who knows. So these are
(07:01):
the things we want to hear from the folks that
we sit down with.
Speaker 4 (07:04):
Sure, you've talked about some of these saving vehicles and
these retirement vehicles, and you've named a few of them roths, pensions, annuities.
Maybe take just a couple of those, Forest Larry, and
give us some pros and cons for some of those.
I realize everybody's situation is unique, but they are unique
in themselves, these different vehicles.
Speaker 2 (07:25):
Yeah, there's no perfect investment, you know, we really concentrate
on how much risk do you have relative to your
comfort level? You know a lot of investments have terms
to them. Can you access the money? If so, what
percent can you access or is it off? Is it
limited access or no access? Sometimes annuities can have limitations,
(07:47):
CDs have terms. Does that work into your overall big picture?
What is the liquidity features?
Speaker 3 (07:54):
You know?
Speaker 2 (07:54):
Sometimes I see folks that have a lot of their
moneys in alternative assets like reds, real estate investment trusts
that are fairly ill liquid assets. I remember in two
thousand and eight when the market corrected big time, and
many listeners do when your four oh one k turned
into a two oh one K, and retirees that had
ill liquid assets which they could not even access and
(08:18):
they needed the money. So there's Look, we want people
to look at all the options, not just some of
the options, because some are valid for some and not
valid for others. And I hate to see, and we
hate to see as a team folks that are put
into something that really doesn't fit their long term plan.
And unfortunately, Kim, I see it way more than I
(08:38):
like to see it.
Speaker 4 (08:39):
I'm sure you probably do. What we're talking about here
is retirement readiness and preparing. Larry, You've said this so
many times, and I think it's really important to stress
this again. What was great for your mom and dad,
or what's great for your brother and your sister in
law is not necessarily great for you. It's important to
(08:59):
sit down with a partner, like the folks that have
in financial group, to see what really fits with your goals,
with your savings, with your you know ideals.
Speaker 2 (09:09):
It is it is, and I know lots of people
are not getting the attention that they deserve. And you know,
the retirement conversation is a very different conversation than when
you were in your twenties, thirties, and forties and maybe
even fifty, when you're in those earnings years, putting it
in the four to one k or whatever you did
to save retirement. And I've heard this many clients say this,
(09:31):
our guy or gal who helps us throughout these accumulation
years did a good job, but we're not so confident
that they can help us through the retirement years. It's
a different season of life and it requires some different
conversations than you may have ever had. And you know,
we also, look, we didn't mention debt. You know what's
the debtload, what interest rates are on that debt? Does
(09:53):
it make sense to pay that mortgage off? And I
just know the happiest people in retirement don't have a mortgage.
And a lot of ancial advisors out there, oh, don't
pay off your mortgage, just invest it and you'll make
so much. And you just have to be careful with
the different types of advice that you hear because it
might not be relative to your situation. It may be
(10:13):
just generalizations or general speaking, is what they're referring to.
Speaker 5 (10:17):
Absolutely.
Speaker 4 (10:18):
Everyone's retirement is different, and that's why if you can
find a partner, someone who can sit down with you,
look at your situation, talk you through it. And that's
not necessarily as I was saying, your brother in law,
what was good for them isn't necessarily good for you.
I want to suggest that you give the folks that
Haven Financial Group a call. They are out there waiting
(10:39):
to be your partner. Six one two five zero four
eight four zero zero is their number. You call, tell
them you hurt us here on the radio. You'd like
to set up a free consultation to go in and
talk to the a bit about your goals for retirement
and your readiness. Six one two five zero four eight
fours zero zero is their number. And again be sure
(11:00):
you tell them that you heard Larry on the radio.
When we come back, we're going to talk about understanding
those retirement milestones.
Speaker 5 (11:08):
These are very important and.
Speaker 4 (11:09):
Again sometimes you need a partner to point them out.
So we'll talk about them right here on the Haven
Financial Group Radio Show.
Speaker 1 (11:15):
Don't go too far. We're gathering more important insights and
retirement pays Devinent the Haven Financial Group Radio Show. We'll
be right back stick around, you've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(11:36):
the show.
Speaker 3 (11:37):
Welcome back listeners.
Speaker 2 (11:38):
My name is Larry Colvig, founder and CEO of the
Haven Financial Group, And if you're just tuning in, you're
listening to the Haven Financial Group Radio Show, where every
week we discuss crucial retirement and financial topics that can
make the difference between surviving retirement and thriving through those
golden ears. Feel free to give us a call as well.
(12:00):
One two five four eighty four hundred are always visit
us online at Hanfinancialgroup dot com. Shoot us an email,
ask us some questions. Our job description really is to
answer retirement questions, and we're on there to do it,
and we do it every single week.
Speaker 4 (12:15):
Well, let's talk a little bit about some of these
milestones when it comes to retirement. I think we all
get to a certain age and you start going, I
really don't want to think about my birthday anymore.
Speaker 5 (12:24):
I'm not having any more. I'm all finished. That's it.
Speaker 4 (12:27):
But these birthdays can be very important.
Speaker 3 (12:29):
Yeah, birthdays and retirement.
Speaker 2 (12:31):
Maybe a little bit different birthdays than you think of,
but they are crucial deadlines, ones that you want to
be aware of. And of course, if you have a
partner like us or somebody, we're going to make sure
you don't miss these timelines, critical timelines that may that
you might benefit from. And again I guess the good
place to start is it's never too early to start saving.
(12:53):
It may seem difficult, but out of sight, out of mind,
you know, never too early. Get that compound in returns.
Get it started early. And if you have kids, you
can't preach it to them enough because they will be
much happier in that advice if they adhere to that advice.
So that's the number first one is start early. And
then you get to some time thresholds like age fifty
(13:14):
where hopefully those maybe the kids are out of the nest,
and now you have ketchup contributions that you can put
extra money into retirement savings four O one k's IRA contributions.
And then there's good reason for that as far as
saving number one obviously, and then some maybe some tax
reasons why it would make sense to reduce your taxable income.
(13:35):
So after age fifty catch up contributions. There's there's some
changes in twenty twenty five depending upon your age, where
they increase that significantly.
Speaker 3 (13:46):
That might be a good opportunity.
Speaker 2 (13:48):
You know, we don't normally want to touch any IRA
or four one K money early, but at age fifty five,
if you leave a job, you can have penalty four
one K or distributions or withdrawals. We don't see it
very often, but that's the age fifty five threshold. However,
remember this is retirement planning, retirement moneies. We don't want
(14:12):
to start tapping this money too early, right.
Speaker 4 (14:15):
Sure, absolutely, fifty nine and a half, that's an important one.
Speaker 2 (14:19):
It is, it is, And this one we deal with
a lot because the federal government says at age fifty
nine and a half you don't have to, but you
can do rollovers of four to one k's or other
four or three b's or employer sponsored plans. There's a
whole bunch of different names TSP, deferred comp et cetera.
And you can do rollovers. Just this week, I had
(14:40):
a couple from lak fille In. They're IT consultants. They
came out to an educational class and they've popped around
as it consultants, so they had multiple orphan four to
one k's all over the place. And the solution there
was consolidation, simplification. You don't have to have them all
over the place. You can still maintain diversification. So we
(15:03):
rolled all hers into an IRA as well as his,
and now it's all cleaned up and it can be
managed comprehensively and collaboratively as a whole rather than piecemeal.
So for one K rollovers, even if you're still working.
I had a three M R here that not long
ago they're going to retire in the next nine months.
(15:25):
Worked at three M for years and she rolled ninety
percent of her four oh one K into other types
of investment iras, and she'll roll the rest when you retire,
because most often when you retire, you're going to roll
that into a traditional IRA because there's different rules and
regulations that pertain to four ones compared to iras, and
you need to know those. So again, more of the
(15:48):
education at Haven that we continue to do for the
folks that we visit with.
Speaker 4 (15:53):
At age sixty two, you can start to collect social security,
but that's not always the best move you can make.
Speaker 2 (15:59):
That is you know, we teach a lot of social
Security and tax classes, and all of our classes, whether
community education at the colleges or wherever, you know, we
provide all the materials. We put together the workbook and
the textbooks, and we teach them for good reason to
make an educated decision on when should you take Social Security?
(16:20):
Almost seventy percent of Americans turn it on right away
at sixty two. That might be a stager. Then they
surprise the listeners and at age seventy is the latest
you're going to take it? And only one to two
percent of Americans wait till the age of seventy. Now, ideally,
when should you take it? That's what we're going to
walk through if we sit down with you. Actually, everybody
that comes in will leave with a Social Security roadmap,
(16:42):
a report, kind of a good, better best on what
makes sense, because sixty two is going to be the earliest,
seventy is going to be the latest. Your full retirement
age where you can get one hundred percent of what
you paid in is dependent on your birthday, and for
many it's going to be sixty six, sixty six, two
months for six months, or in my case, age sixty
(17:03):
seven again to be determined, is they might make some
changes to that. It's a lot of talk, but again
age seventy is going to be the latest. And another
one where we run into a lot is required minimum distributions,
all that pre tax money that you were told to
put away. He eventually Uncle Sam says, our patience has
(17:24):
run out. Now you have to start drawing the money,
whether you want it or not, and yes, you will
take it. Otherwise you'll get a penalty from the federal government,
and none of us want penalties. For many years, that
age was seventy and a half. A couple years ago,
it went from seventy and a half to seventy two.
It's presently at age seventy three, and in seventy years,
(17:47):
if they don't make more changes, it will go to
the age seventy five. So why is that important? Because
we hear this, we make more money now than we
did when we were working, which then comes full circle
into the tax discussion, which is why if roth conversions
or if tax planning can be done before our MD age,
(18:08):
we might be able to minimize some of those tax effects.
So again, forward thinking tax planning is so extremely important.
You worked hard for every one of those dollars, and
most people just don't want to give it back to
Uncle Sam just for the sake of giving it back.
Speaker 5 (18:25):
Absolutely not the uncle.
Speaker 4 (18:27):
You don't want to pay that is for certain increase
life expectancy. How might that impact some of these dates
in these.
Speaker 2 (18:34):
Numbers, Well, we want to plan for the long run
when we build out retirement plans. We're putting them out
twenty thirty into your mid nineties, kind of planned for
the absolute worst and hope for them and pray for
the absolute best. One age that I didn't mention that
is very important is age sixty five. Medicare comes into
the conversation. You're going to get your mailbox is going
(18:56):
to get bombarded, and you can go to coffee and
cookies every single day of the week. It'll be just
so much fun. Probably not, or you could sit now
with somebody that has a non biased approach with us
Glenn and Isabella at our office, we're able to help
many many folks in Medicare, healthcare, any of those types
(19:17):
of things. Annual enrollment is going to be coming up soon.
Complacency for humans is very easy to do, and my
encouragement would be to anybody around this age. Get educated,
start early and every year an annual enrollment. Shop it
out to make sure you're in the best spot for
the best price. And again that's October fifteenth through December seventh.
(19:40):
Some other key dates October fifteenth to December seventh, Medicare
healthcare and again don't forget about long term care. Again,
we have access to all the companies. So again education
is where it starts.
Speaker 4 (19:54):
You know, this really is important too. It's important each
year to shop it because you think you've got a
great deal, but then you find out if you go
out there and take a little time that maybe there's
a better deal for you. And it also depends on states,
does it not states?
Speaker 2 (20:10):
Some can be zip code specific, so that for sure
is not one glove fits all. And if you're listening going,
oh my goodness, all these dates and these birthdays, retirement
sounds so confusing, it can be. But if you have
a partner that can take you through a continued process
and monitor, make adjustments, point things out, continued education, it
(20:31):
doesn't have to be complicated. We like to simplify things.
And we've had haven our ten year anniversary, which you
know we've been able to help a lot of people
in all of these various areas put all the puzzle
pieces together so we don't get to the end of
the road and we forget some of the pieces.
Speaker 4 (20:49):
Right, absolutely, So we'd like to invite you to sit
down with the folks at Haven and talk about your retirement.
Are you ready talk about some of these milestones, put
together a great portfolio so that you can enjoy those
golden years. Six one two, five zero four eight four
zero zero. That's the number where you reach the folks
at Haven Financial Group. You can also go to Havenfinancialgroup
(21:12):
dot com take a look at their website. You can
send them an email through there. You can also see
some of those educational seminars that we talked about off
the top of the show this morning. The dates that
are coming up. Maybe you can find one that's most
interesting to you and a location that's good for you.
Be sure that you sign up. You don't have to
be a client to go, but we do need you
(21:33):
to sign up because they do fill very quickly. All right,
we're talking about are you prepared for retirement? We just
talked about understanding some of those retirement milestones. When we
come back, we're going to talk about being prepared to
replace your paycheck. You've worked a long time. Maybe you
receive a paycheck weekly.
Speaker 5 (21:52):
Bi weekly, once a month.
Speaker 4 (21:54):
Now, how do you replace that when you walk away
from your job. That's coming up right here on the
Haven Financial Group Radio.
Speaker 1 (22:01):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larrikolvig is back and ready to help
you find your financial safe haven.
Speaker 2 (22:23):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (22:26):
Thanks for listening.
Speaker 2 (22:28):
Feel free to give us a call at six one
two five zero four eighty four hundred or Havenfinancialgroup dot com.
All kinds of retirement tools, educational events, announcements if you will,
ten year anniversary, and of course we got a great
client appreciation event coming up September fourth at Charlie's on
Prior Lake Kim. You know, these topics can get a
(22:49):
little stuffy, so our clients and us we like to
have a little bit of fun as well, and we'll
be at Charlie's on prior September fourth, and our events
are all fun.
Speaker 5 (22:59):
Good.
Speaker 4 (23:00):
That's fantastic. That's something for everybody to look forward to.
So and if you need more information, how do people
get information about that? Maybe you've got clients who are
listening right now. They just need to call the office
or check the website.
Speaker 2 (23:12):
Right, yep, online, give us a call RSVP please and again,
live music all kinds of fun.
Speaker 3 (23:20):
So again, yep, that's great.
Speaker 4 (23:23):
We're talking about retirement preparedness. Are you ready to retire?
We've talked about a number of things that you need
to keep in mind, but we wanted specifically to talk
about what I think is the most important part of
retirement planning, and that's, of course, understanding how you get
a paycheck, how you get money. Obviously, you know that
(23:45):
your Social Security check is maybe going to be deposited
if in fact you're drawing social Security. But how do
you draw from all of these different pots that you've
put your money into, and are there specific you know
it's kinds of plans that make it more advantageous for you.
(24:05):
And the answer to that is certainly yes. So let's
talk about this. You call it mailbox money, Alarry, I
know that money that shows up you know, two times
a month, once a month, whatever it might be.
Speaker 2 (24:19):
Income in retirement is the name of the game, There's
no doubt about it. So what are your income sources?
You mentioned social Security at some stage, pension, if you're
fortunate enough, what are your other income sources? And income
for the things that you want, you know, the things
that you really want and things more specifically that you need.
(24:40):
Cover the needs. Then cover the wants. You know, we
all need food, shelter, and certain things, but we also
maybe want a lifestyle, you know, either the country club
or fishing equipment or whatever that is. So income is
the name of the game. Does it adjusted for inflation?
Is it exposed to too much risk? Have you covered
emergency expenses? You know that I frequently say that we
(25:03):
like folks to have good a good amount of liquidity,
money in the bank, easy access for middle sixties seventy
year couple. You know, we like to see fifty to
one hundred grand in that in that area. Now you
don't have to, but it's I think a good goal.
And then what's your risk in the stock market? Is
that a good balance with investments? Maybe that you have
(25:24):
some principal preservations. So I'm going to map this out
when when folks retire, and we do, we see it
all the time, where are they going to draw from?
Speaker 3 (25:33):
They don't know what really drives.
Speaker 2 (25:35):
It is taxes. Back to taxes. You know you mentioned
a bunch of different buckets, Well, hopefully you have all
the different buckets to choose from again, from liquidity to
stock market. Maybe you have annuities. Annuities can be very
good at generating income, kind of as self directed if
it's appropriate. My wife and I will never have a pension,
(25:59):
but we're able to to generate income from an annuity
or other income sources or other investment sources. But again
it takes strategizing and figuring that out. But everything is
driven by taxes. So we're big in the tax planning.
And I can tell you most people today are not
doing much planning. They're just barely getting their taxes prepared
(26:20):
by a tax preparer or CPA that doesn't even spend
any time with them to walk through as some of
these things. So every week we see unforced errors or
missed opportunities where an irate a roth conversion could have
happened didn't happen. Nobody told them that people draw from
the wrong investments, they pay way more taxes than they
(26:41):
really need to. So again, having a partner to rely on,
that's the key in the name to the game. So
you're doing things correct.
Speaker 5 (26:49):
Absolutely. Yeah.
Speaker 4 (26:51):
I have learned just by doing this show with you, Larry,
that there really is some strategy in when and how
much you draw from all of your different I'm gonna
call it buckets again.
Speaker 3 (27:03):
Yeah it is.
Speaker 2 (27:03):
And you know, we get the investment team involved, we'd
get Lance R. CPA involved. You know, we're we're cording
all these different things in retirement because they should work
together and oftentimes they're working in different directions. I mentioned
annuity for income if appropriate. If you're listening and you
don't you have an annuity and you don't know which
kind of annuity of the four types that are out there,
(27:25):
come on in and get an annuity exam or or
an annuity x ray. I think people should know which
one they have. And a lot of people have them.
Some people have them, they shouldn't have them. Others have
have them and they don't know how it's going to work.
And we want we don't want negative surprises. We want
to know the ins and outs certainly before we do anything.
(27:46):
And you know, life insurance can have value to that.
There's some features that life insurance can have if you
have life insurance, you know, bringing on in a lot
of times it just sits on the sis, sits and
never gets looked at, and some things negatively can happen
to the performance of that. So bring that in and
we can have a life insurance review with Glenn. All
(28:07):
of these things just to make sure that they're going
to do what they're supposed to do and there's not
going to be negative surprises. And again, we believe retirement
is more than a meeting once or twice a year
for forty five minutes to an hour. That's just not
enough time. And whoever is working with you deserves to
give you more time because remember you're paying them to
(28:28):
do something right.
Speaker 5 (28:30):
Absolutely.
Speaker 4 (28:32):
Also, in this second phase or third phase of your life,
which whatever it might be, what if you decide that
you want to go back to work or you you
know there's another opportunity out there for you and you
really don't want to pass it up.
Speaker 3 (28:47):
That's always an option.
Speaker 2 (28:49):
You know, many people adjust to the transition of retirement
and they're happy as can be.
Speaker 3 (28:54):
But not everybody does.
Speaker 2 (28:56):
I just had a flight attendant that actually retired after
any many many years, and I asked how it was going,
and she says, I don't like this retirement thing, and
she's actually going to go back part time to work.
That doesn't mean you can't, but i'd rather see people
do that because they want to, rather than they need
to because they're.
Speaker 3 (29:16):
Running out of money.
Speaker 2 (29:17):
That's unfortunate, but working is an option, so don't rule
that out because you got to have a purpose. I
just had one of my clients in this past week
and she was a retired teacher from Lakeville, and she
told me she's actually going to work at this bakery
in Lakeville that's doing exceptionally well and they got a
(29:39):
lot of high schoolers that will go back to school.
And she goes, I got to have some sort of purpose.
And I really like it. And she's super excited about it,
and she goes, I'm not doing it for the money.
I'm doing it to have some sort of purpose. And
I thought that was really cool.
Speaker 5 (29:52):
Yeah, it is really cool.
Speaker 4 (29:54):
And I think that idea of keeping oneself busy after
you've had a very busy life is probably very important.
Speaker 5 (30:02):
Does that have any kind of impact.
Speaker 4 (30:05):
On what you're drawing and how you're drawing if you
would decide to go back to work. And again I
think that what I'm my point where I'm trying to
go with this is again, you do need a plan
and you need to be able to talk about these
things with someone before you just start to, you know,
make money.
Speaker 3 (30:21):
Again, very true.
Speaker 2 (30:23):
Depending upon your age, there might be some income plateaus
that you may not want to go over for the
sake of your social security. So you're going to want
to have those conversations, you know, prior to full retirement age.
You know, the threshold is just right around twenty three
thousand where if you make over that they'll withhold some
of your social security. So you're going to want to
(30:43):
have these conversations, Like you said, before you act on them.
Doesn't mean you're not going to do them. But there
are many components and options for your retirement and for
your income. And if you're listening and you haven't fully
explored all these options and are just sticking with what
you've always done because you don't know anything different, how
do you know you're making the most out of what
(31:05):
you're doing out of your savings, how do you know
you're making the right decisions? And if that sounds like you,
give us a call, love to sit down with you
and explore those options. You have nothing to lose and
it costs you nothing, and it only you may only
have something to gain from it.
Speaker 3 (31:23):
And what's better than that?
Speaker 4 (31:25):
Absolutely right, it costs you nothing, but a mistake along
the way could cost you a lot.
Speaker 5 (31:32):
And we're all going to make mistakes.
Speaker 4 (31:33):
But if we can avoid some of these really big
ones drawing money at the wrong time from the wrong accounts,
that ultimately means you send much more to Uncle Sam
than you probably needed to, or you know, not checking
on your life insurance to see if in fact everything
is up to date and maybe that there's some advantages
(31:54):
to changing the life insurance policy. There's all kinds of
mistakes that can happen along the way, not because it's
just because you don't do this very often, and you
know a partner in that can certainly help you save
money along the way. Six one, two five zero four
for zero zero that's the number you can reach. The
folks that Haven financial group, they would love to hear
(32:17):
from you. We're talking about retirement preparedness. Are you prepared
to retire? It's a question I think a lot of
people ask themselves many times, probably before they actually take
the steps. And before you take those steps, we hope
that you call the folks at Haven Financial Group make
sure that you're in the right place. When we come
(32:37):
up back, we're going to talk about leveling costs.
Speaker 5 (32:40):
It's key when.
Speaker 4 (32:41):
We're talking about retirement income. This is the Haven Financial
Group Radio Show.
Speaker 1 (32:46):
Don't go too far. We're gathering more important insights and
retirement ways the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karagan. Now back to
the show.
Speaker 2 (33:07):
Welcome back to the Haven Financial Group Radio Show. I'm
Larry Kolvig, Founder and CEO of the Haven Financial Group.
Speaker 3 (33:13):
Again, thanks for listening.
Speaker 2 (33:15):
Every week we talk about retirement, all these exciting topics,
so maybe not that exciting, but we want to have
as much fun with them as possible. Yet we know
they're serious, and you know the old saying, a failure
to plan as a plan to fail. None of us
want to. But if you're listening, in kind of a
segue from the last segment, if you're listening and kind
(33:37):
of stuck in your ways, and if my wife would
beyond with me right now, she goes, I get stuck
in my ways and I don't like change very well.
Speaker 3 (33:43):
Okay, yeah, that's probably true.
Speaker 2 (33:45):
But if you're stuck in your ways and you're doing
exactly the same thing you've always been doing, one thing
that has changed is we've all gotten that much older.
And if you're doing the same types of investments and
the same type of thing and you're not how close
to retirement, are you sure those are the right decisions?
So feel free to give us a call six' one
(34:06):
two five oh four eighty four Hundred orhanfinancialgroup dot.
Speaker 3 (34:10):
Com, So, larry.
Speaker 4 (34:12):
In this, segment we're going to talk about how important
it is to sort of accurately predict what you're going
to need in retirement and in order to do. So,
AGAIN i really feel strongly about the idea that you
have to sit down with a partner because you've never retired.
Before AND i think there's a lot of things that
maybe some of us don't think about throughout many people's,
(34:34):
lives their working, lives their healthcare has come through their
employer in some kind of plan that maybe was not
as expensive as it might be if you are self
employed or when you get into retirement and you need
to take care of your healthcare. Costs it feels like
to me that's one of the places where people, underestimate
(34:57):
and that is someplace that can really ca chop with.
Speaker 2 (35:00):
You you are, correct healthcare costs are very underestimated when we
build up. Plans you, know people aren't looking at one
thousand to twelve hundred dollars a month or something of that.
Speaker 3 (35:13):
Nature and again it's not exactly, that but it's a big.
Speaker 2 (35:15):
Number so when we build out retirement, plans we're going
to factor that into the equation for, sure and that's
just something you need to look. At but people they
kind of just kind of stop right there and they
don't think about long term. Care and if anybody's listening
and they're dealing with a loved one my mom or,
dad a grandpa or grandma that's in a nursing, home you,
(35:36):
know the nursing home can decimate anything you've earned over
your lifetime very very. Quickly at ten to fifteen thousand
dollars a. Month so if you haven't looked at, that
there's much more viable options out there than there used to.
Be come in and visit With glenn on asset based
long term, care hybrid long term care annuities that can
(35:59):
be used for long term.
Speaker 3 (36:00):
Care that is certainly.
Speaker 2 (36:02):
One and when you mentioned, it the major component to
retirement is what are my expenses going to?
Speaker 3 (36:08):
Be what are some.
Speaker 2 (36:09):
STRATEGIES a. Budget none of us like to do a,
budget but we want to make sure that you know
we're not spending unnecessarily on certain things and we might
not even notice, it but if you put pen to, paper,
well maybe going To caribou Or starbucks ten times a,
week maybe that could be reduced to. Five not because
we're trying to cut, back but we want to see
(36:32):
we're we're spending the. Money, so again a, budget when
we factor our retirement, plans we're going to have that
adjusted for, inflation because inflation it's a game, changer and
we know that in recent years the purchasing power of
the dollar isn't as. Strong we factor that into the.
Equation so we want to look at all these costs
(36:53):
that potentially can be associated with retirement and guess what
these things can. Change life doesn't always cooper rate with our,
calendar does.
Speaker 5 (37:01):
It, no it.
Speaker 2 (37:03):
Doesn't so there's going to have to be some modifications
and changes to this, strategy, uh certainly over, time because
we don't know what the future necessarily has in store for.
Speaker 4 (37:13):
Us, Absolutely so it's so important that when putting together
any kind of, plan you keep in mind that life,
happens and that means there's going to be emergencies along the.
Way there's going to be you, KNOW i think you've
said it many, times all of a sudden the roof is,
leaking or the refrigerator goes.
Speaker 5 (37:30):
Out there are going to be you, know there's going to.
Speaker 4 (37:33):
Be family, crisis there's somebody in the family who maybe
needs your, help or you, know the list goes on and.
On these are the kinds of, things no, doubt you
guys help, people you, know plan for if you can
plan for, it you.
Speaker 2 (37:46):
Can and that's why the bucket strategy good. Liquidity you
want to have all options on the table so when
these on these, surprises whether good or, bad surprises, happen
that you're prepared for the for this to the best
of your. Ability if you don't have anything liquid to
access and all of a sudden you're forced to find the,
money you might have to be taking it out of
(38:07):
the wrong accounts at the wrong, time and then throw
in maybe the stock markets. Down if you're in the,
market you don't give yourself the, options and in retirement
you want the. Options and Remember medicare doesn't cover all
health care, expenses so there's going to be some. Gaps
so it's why annual enrollment is a supplement plan better
(38:27):
than the advantage. Plan that's not my, wheelhouse But glenn
And isabella in the, office it is their. Wheelhouse so
you don't have to go it. Alone you don't pay
anymore to have a non biased.
Speaker 3 (38:40):
Broker work for.
Speaker 2 (38:41):
You SO i certainly would encourage that because a lot
of people are spending way more on healthcare than they
need to. Be but if you don't shop it out every,
year you're not even going to be aware of. It
so awareness and understanding is very very critical as you're
trying to identify the costs price costs we're going to
factor we actually when we build out a plan on
(39:05):
a monthly basis or even an annual we'll have anything else,
bucket and we're going to put it in again and
anything else part as part of the overall, strategy just
because there's always something that comes, up maybe it's a
different car or whatever it might.
Speaker 3 (39:21):
Be so, again it starts with the.
Speaker 2 (39:23):
Conversation but if you're not having the, conversations how are
you going to even?
Speaker 4 (39:28):
Know you, Know, larry we just talked about, emergencies and
we certainly can't predict. Those but another thing that we
talk about pretty frequently here on the, show and certainly
people who have been in retirement now or have been
preparing for, retirement understand this. Inflation inflation is going to,
happen and your plan has to include some kind of
(39:50):
modification for.
Speaker 5 (39:51):
Inflation it has.
Speaker 2 (39:52):
To And i've seen over the years some financial advisors
that don't factor in, inflation which to me makes zero.
Sense we're gonna we have factored in adjusted for inflation for.
Sure one other THING i want to mention too is
when we're talking, healthcare if you're able to contribute to
AN hsa health savings, account please make sure you're doing.
(40:14):
That max that thing, out and years down the road
you're going to be very happy that you. Do we like,
roths but we're big advocates OF. Hsa he's probably even
more Than roths because it's tax free going, in tax
free going. Out it can be used for future medical,
expenses Your medicare. Premiums, again max out THAT hsa just like,
(40:36):
THAT i would like to see you max out any
contributions to anything that has tax tax. Benefits so, again
have a, plan you, know do you have all the
puzzle pieces from the estate planning WHICH i, Mentioned we're
well attended this past, Week my, goodness we had a
waiting list at both the, Nights so a state planning
(40:57):
long term, Care medicare invests. Mins do you have too
much risk in your? Portfolio do you even know a
lot of people don't even? Know are you paying too?
Much do you have a partner that's actually? Listening and
again we hear it so, Often, well you guys actually pay,
attention you actually take, notes and you actually are listening
(41:18):
THAT i just had a guy in this past week.
GOES i think WHEN i talked to my financial, GUY
i don't think he's even listening because he doesn't do
anything THAT i ask him to do, anyways which to
me is. Unfortunate and you don't have to deal with.
That there's many options that are out, there AND i
would hope have In Financial group you would entertain. It
we have all the retiring puzzle pieces under the same
(41:41):
ROOF i mentioned. That we just added on we have
an educational. Center NOW i MENTIONED i think last week
that we're doing a fraud prevention the police local police
department will be in here in the middle Of. September
you can never have too much, education and that's where
our passion lies.
Speaker 4 (42:00):
Absolutely and we also want to remind everyone that they
can find out more about those educational. Seminars all they
have to do is go To havenfinancialgroup dot com check
out what's coming up this. Fall i'm, Sure, larry the
calendar is starting to get full as we look. Ahead
now people get back from vacation and it's time to
(42:21):
maybe get a little more serious in their. Lives so
again the number six one two five zero four eight
four zero zero go To havenfinancialgroup dot com to look
up some of those educational. Seminars you, know maybe you're
somebody who you have not shopped around when it comes
to your medical, expenses and now you've just heard these
Dates october fifteenth Through december the.
Speaker 5 (42:43):
Seventh that's open.
Speaker 4 (42:45):
Enrollment and maybe you don't know anything about open enrollment
and you'd like to learn more about open. Enrollment you
can give the folks At Haven Financial group a. Call
and one other, Thing, larry one of the things you
always say is that not only should your, partner if
there are, partner be listening to, you but they should
reveal what the cost is to you as.
Speaker 5 (43:04):
Well and you guys take care of that there A
haven as.
Speaker 2 (43:06):
Well there is never going to be a surprise surprise.
Invoice the transparency should be expected in today's. Industry i'm
always appalled that WHEN i ask whether you're paying your
guy or gal to manage your investments eighty percent of
the time, Almost, larry that's a really good.
Speaker 3 (43:24):
Question we have no.
Speaker 2 (43:25):
Idea nothing's, free and what value are you? Getting ask
yourself that what value are you? Getting, again we'd love
to have you come. In there's no. Cost and WHAT
i also like is we have a very laid back.
Approach here we hear it. Frequently, wow there was no
sales pitch with you. Guys it was here's the, information
(43:46):
here's the, education here's our, suggestions here's our. Recommendations it's
up to you if you want to implement them or.
Not and if, so and you think we're a good
partner to implement this, stuff we'll execute with. You we
work for you, again and you pay, us but you're
going to know exactly what you're.
Speaker 5 (44:07):
Paying it's been a great, Show, larry really.
Speaker 2 (44:10):
Informative thanks so, Much, kim look forward to next, Week
have a great.
Speaker 6 (44:14):
Week investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed
(44:34):
herein and comments regarding it safe and. Secure investments and
guaranteed income streams only refer to fixed insurance. Products they
do not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing.
Speaker 1 (44:49):
Company
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